We bring you the weekly dose of important Indian startup news of the week.
Ecommerce major Flipkart invested around $257 Mn in its logistics subsidiary Ekart, during the period between October and November 2017, as shown in the filings with the Registrar. The investment was made in multiple tranches through Singapore-based group company Klick2Shop Logistics Services International Pte. Also, Flipkart CEO Kalyan Krishnamurthy is now focusing on increasing the monthly active consumers from the existing 10 Mn to take to 80 Mn in the coming years.
Important Indian Startup Stories Of The Week
PayU To Surrender PayUMoney Wallet License
The services of the PayUMoney wallet will be closed by January 31, 2018, and the users have been asked to push the remaining amounts back to their bank accounts. PayU will now be focusing on Citrus Pay wallet powered by PayU going ahead.
Aadhaar Data Get Breached Again, UIDAI Denies
Some unidentified groups were found selling the Aadhaar data of over one billion people at just $7.88 (INR 500). The link shared by these unidentified group on WhatsApp provided the login and password details to access all the necessary details of one billion Indians. After paying $4.73 more, the group even shared the entire Aadhaar software which one needs to print one’s Aadhaar details. However, later in the day, UIDAI clarified that there has not been any breach in the Aadhaar database and the personal data of citizens, including biometric information, is safe and secure.
UK Based Food Delivery Giant Deliveroo To Set Up India Operations
Valued at $2 Bn, the Fidelity and T. Rowe Price-backed startup is reportedly looking to hire a country head, who would be spearheading its India launch. Deliveroo is also in the process of onboarding a full-fledged team in the country.
NITI Aayog To Explore Blockchain, AI
Having completed three years since its formation, the NITI Aayog is now working towards the adoption of AI and Blockchain in the areas of governance such as education, healthcare and agriculture. It believes that such technologies will result in significant benefits if deployed in these areas among others.
Parliamentary Panel Proposes Forum To Redress Grievances Of Digital Payment Users
In order to redress the issues pertaining to digital frauds, the Veerappa Moily-headed Standing Committee on Finance has pitched for a robust dispute settlement mechanism to help identify and punish the person responsible for the fraud as well as provide speedy solutions to digital payment users in a timely manner. The Parliamentary panel described the manifold increase in transactional hassles such as cloning, phishing, etc. and grievances of users including ATM frauds as “disconcerting” as India is concertedly moving towards becoming a digital economy.
Digital Transactions Jumped To 1.06 Bn In December: RBI
As per data released by the RBI, this translates to a jump of 6.05% from the 997.1 Mn transactions clocked in November. The development marks the first time that digital transactions in India crossed 1 Bn, since the rollout of demonetisation in November 2016.
Urban Ladder To Offer ESOPs To Attract Talent
In order to “attract senior-level employees” and to conserve the immediate cash requirements for remunerating them, the board has sought approval from shareholders to give authority to the ESOP committee of the board to “grant options exceeding 1% of the issued capital of the company” to identified employees. The move comes a few months after Urban Ladder received a Single Brand Retail Trade (SBRT) licence from the Department of Industrial Policy & Promotion (DIPP).
Other Indian Startup News Stories Of The Week
MAIT Raises Concerns Over Issues In Govt. EMarketplace GeM
According to MAIT, despite being in function for over a year, “the entire focus so far has been on implementation rather than incorporating the views of stakeholders.” The key issue of delays in payments made by the government departments is still prevalent. Other issues such as a single user ID for a company leading to complications and a potential risk of failure, as well as SMBs finding it hard to use the platform due to complex UI & UX of the portal are also a matter of concern.
Flipkart Founders Set Up New Venture Sabin Advisors
The name ‘Sabin’ has been derived from their founding members’ names — Sa(chin) and Bin(ny). As per media reports, there is a possibility that the cofounders might route all their investments through this new venture and might look at other businesses over a period of time.
Govt. To Expand Digital Locker Project
The service, post its official launch in July 2016 is being used by 9 Mn people to store-house over 197 Cr documents such as Aadhaar Cards, Driving Licenses and more. The government now intends to extend it to other ministries, both central and state, including the Agriculture ministry.
Myntra To Expand Presence In Silicon Valley
It aims to invest more on technology this year, with the retailer looking to hire an executive to head a small team of data scientists in the US. Separately, Myntra has also added more brands to its brand accelerator programme.
Paytm Mall Partners With Samsung India
Paytm Mall is now hosting Samsung brand store on its platform to drive immediate discovery and instant purchases of the brand’s flagship range of smartphones. With this, Samsung’s authorized retail outlets are also being onboarded on the online platform, enabling customers to buy and receive faster deliveries of smartphones from their nearest stores.
WeWork India Accelerates Growth with Additional Desks In Bengaluru
WeWork has opened WeWork Embassy Golf Links (EGL) creating workspace for more than 1,600 new members. In addition, WeWork Koramangala, located in Bengaluru’s vibrant startup hub, opened its doors for 750 new members. Spannin five floors, the space features a terrace, private offices, conference rooms, and wellness rooms.
Stay tuned for the next edition of the News Roundup: Indian Startup News Of The Week!